Connectivity the clincher
Property prices at Garia on the southern fringes of Kolkata have surged after the extension of Metro railway to the region recently. The prices of residential property here have surged by over 30 per cent over the last five months, proving that extension of infrastructure and connectivity is the largest booster for real-estate at any given point of time.
The prices of property in some parts of Kolkata had decreased by up to 20 per cent over the last one year due to fall in demand during the economic downturn. Rajarhat, the newly developing area in the eastern fringes of the city, suffered a steeper fall in prices compared with other regions, particularly on account of lack of connectivity and basic infrastructure.
“The price of residential property has increased by Rs 400-500 per sq.ft over the last six months in Garia after the announcement of inauguration of the extended Metro- rail network,” Mr Abhijit Ghosh, a broker operating in the area, said. The prices have nearly doubled over the last three years to Rs 1,800-2,400 per sq.ft depending upon proximity to the metro station.
More : thehindubusinessline.com